TLDR
- Ethena & Jupiter launch JupUSD to power Solana’s DeFi surge.
- JupUSD to boost Solana DeFi as Ethena partners with Jupiter.
- Ethena brings JupUSD to Solana, aiming for deep stablecoin liquidity.
- New JupUSD stablecoin fuels Solana DeFi through Ethena–Jupiter pact.
- Ethena expands to Solana with Jupiter’s JupUSD stablecoin rollout.
Ethena Labs has partnered with the Solana-based platform Jupiter to launch a new stablecoin, JupUSD, scheduled for rollout in Q4. The project aims to convert $750 million worth of USDC into JupUSD, thereby establishing deep liquidity across the Solana network. This marks a strategic expansion for Ethena into Solana’s stablecoin ecosystem with JupUSD at the core.
JupUSD to Power Solana’s DeFi Growth
JupUSD will serve as a central stablecoin within Jupiter’s ecosystem, providing functionality across five major use cases on the Solana blockchain. It will operate as collateral in Jupiter’s perpetuals exchange, support trading interfaces, and act as a core asset in Jupiter Lend. Furthermore, JupUSD will pair with liquidity on Meteora and integrate into Jupiter’s upcoming product releases.
The stablecoin will initially be backed 100% by USDtb, a compliant asset tied to tokenized treasury holdings from BlackRock’s BUIDL fund. However, Jupiter may shift backing to USDe over time, aligning with Ethena’s synthetic stablecoin model. This move aims to unlock demand on Solana, where the presence of stablecoins remains significantly smaller than on Ethereum.
JupUSD’s integration aims to strengthen Jupiter’s role beyond aggregation by embedding stable liquidity throughout its growing DeFi offerings. The team believes stablecoins will continue to scale rapidly on-chain, driving broader utility. JupUSD will help Jupiter cement its position as a foundational player in Solana’s DeFi sector.
Ethena Expands Whitelabel Portfolio with JupUSD
The addition of JupUSD broadens Ethena’s growing range of stablecoin products under its Whitelabel strategy. Ethena previously launched USDtb in partnership with Anchorage Digital, a milestone as the first GENIUS Act-compliant stablecoin. The firm also maintains collaborations with blockchain platforms like SUI and MegaETH.
With JupUSD, Ethena continues positioning its synthetic dollar offerings across multiple chains, driving stablecoin interoperability. Backed by assets and delta-neutral strategies, Ethena’s stablecoins are designed to preserve dollar value with minimized volatility. JupUSD will inherit these features while being natively built for Solana’s performance-oriented infrastructure.
This partnership also demonstrates Ethena’s push to serve chain-specific DeFi ecosystems with tailored stablecoin products. The integration of JupUSD reflects Ethena’s commitment to delivering compliant, liquid, and scalable digital dollar alternatives. Ethena has raised strategic funding from notable players including Binance Labs and Franklin Templeton.
USDe’s Growth Paves Way for JupUSD
JupUSD follows Ethena’s success with USDe, now the largest decentralized stablecoin with over $14.8 billion in supply. USDe maintains its peg through delta-hedging strategies using ETH collateral and short derivatives. The asset has overtaken DAI and other decentralized stablecoins, underscoring demand for yield-bearing digital dollars.
While JupUSD starts with USDtb reserves, future migration to USDe could bring enhanced yield features. This would align JupUSD with Ethena’s model of combining decentralization with synthetic asset backing. As Jupiter absorbs USDC liquidity into JupUSD, the coin’s adoption across Solana could accelerate.
Ethena and Jupiter aim to close the gap between Solana and Ethereum’s stablecoin volumes. JupUSD stands positioned to become a cornerstone asset, bridging compliant design, liquidity depth and on-chain utility. This partnership marks a significant step toward a more competitive and decentralized stablecoin landscape on Solana.
